(Alliance News) - DeepVerge PLC on Wednesday said it has decided to issue all remaining staff with redundancy notices, as it seeks to sell off its business subsidiaries.
Back in later June, the environmental and life sciences company had said it no longer had the funds to allow it to continue to trade. Consequently, it decided to no longer support the ongoing costs of its Labskin, Modern Water and Glanaco business units.
It had been looking to sell one or more of the units to raise sufficient funds, but had not managed to do so by late June. However, a week ago, it said it has received "several approaches" regarding the sale of the whole or part of its Modern Water and Labskin units.
The approaches are at an early stage and there is no certainty they will result in a sale, it had said.
"The board's expectation remains that this process will result in the sale, closure or administration of all group subsidiaries," DeepVerge said on Wednesday.
The redundancy notices are to "avoid incurring additional costs". They will take effect at the end of the month.
Shares in DeepVerge were suspended from trading on AIM on June 26, pending clarification of its financial position.
By Elizabeth Winter, Alliance News senior markets reporter
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